Bitget Research: ETH ETF could be approved on July 23, Ethereum ecosystem shows clear rebound
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Bitget Research: ETH ETF could be approved on July 23, Ethereum ecosystem shows clear rebound
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, potentially representing the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
BTC led the market rally, breaking through the resistance level at $64,000, with positive wealth effects across the crypto market. Key highlights:
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High-wealth-generation sectors: Meme sector, AI sector, ETH ecosystem projects
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Most-searched tokens & topics: UXLINK, ETH, JD Vance
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Potential airdrop opportunities: Sonic, Solayer
Data as of: July 16, 2024, 4:00 AM (UTC+0)
I. Market Environment
Over the past 24 hours, BTC has shown a one-sided upward trend, rising from $62,000 to its current level of $64,500. BTC spot ETFs recorded net inflows for the seventh consecutive day, with yesterday's inflow reaching $300 million—becoming a key driver behind BTC’s price surge. Eric Balchunas, Bloomberg’s well-known ETF analyst, stated on social media that the SEC has required ETF issuers to submit their final S-1 filings by this Wednesday, indicating that approval results could be announced next Monday, with related ETFs potentially launching as early as next Tuesday.
On the news front, BlackRock CEO Larry Fink admitted in a CNBC interview that his view on Bitcoin five years ago was wrong, reaffirmed Bitcoin as "digital gold," and described it as a legitimate financial instrument. Dell’s CEO shared Fink’s interview video and expressed fascination with BTC. Former President Trump nominated J.D. Vance, a known crypto supporter, as his vice-presidential running mate. With influential figures from tech, finance, and politics publicly endorsing BTC, market sentiment has turned optimistic.
II. Wealth-Generating Sectors
1) Sector Movement: Meme Coins (PEPE, WIF, FLOKI)
Main reasons:
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Blue-chip tokens such as ETH and SOL have begun to stabilize and rebound;
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Growing market attention toward meme coins, which now present favorable technical trading opportunities.
Price performance: PEPE, WIF, and FLOKI rose 26.4%, 23.2%, and 23.1% respectively over the past 24 hours.
Factors influencing future trends:
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Valuation token movements: For PEPE, ETH’s price movement significantly impacts its valuation, while BONK on DEXs is priced in SOL. Monitor ETH and SOL closely; sustained upward momentum supports holding meme assets within these ecosystems.
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Open interest changes: Using data from tv.coinglass, we observe that PEPE’s open interest surged 30% over the past 24 hours, driven primarily by increased long positions. The long/short account ratio dropped below 1, indicating that major players are opening long futures positions. Future contract data should continue to be monitored.
2) Sector Movement: AI Tokens (ARKM, TAO, NEAR)
Main reasons:
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As the broader crypto market recovers, AI tokens have led the rebound, with mainstream AI assets showing steady gains and active capital flows.
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Dell, a key player in the U.S. AI equity rally, saw its CEO share crypto-related posts, drawing renewed investor focus to AI crypto assets.
Price performance: ARKM, TAO, and NEAR rose 10.5%, 5.5%, and 8.6% respectively over 24 hours.
Factors influencing future trends:
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Major funding news in the primary market: ETHCC was held as scheduled in Brussels, with institutional participants focusing on AI sector developments. Sentient, an AI model research project, secured $85 million in funding, reigniting interest in the integration of AI ecosystems with blockchain.
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Actions from traditional tech companies: New product launches by OPENAI often trigger rallies in AI tokens. This sector remains in its early stages and relies heavily on news catalysts to drive up valuations in secondary markets.
3) Sector to Watch: ETH Ecosystem Projects (UNI, LDO, PEPE)
Main reason: ETH spot ETFs may officially launch on U.S. markets after the S-1 filing deadline on July 23. ETH ecosystem assets could see speculative momentum. Recently, this sector has pulled back significantly, creating attractive entry points.
Key tokens to consider:
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UNI: The first DeFi swap application on blockchain. Uniswap generates average daily revenue of around $1 million, demonstrating strong fundamentals.
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LDO: A leading LSD project in the ETH ecosystem with a TVL of $2.96 billion but a market cap under $180 million—indicating significant undervaluation.
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PEPE: Currently the most speculative meme coin in the ETH ecosystem, with a powerful community base. Likely to follow upward momentum if ETH continues to rise.
III. User Search Trends
1) Popular Dapp
UXLINK:
Web3 social platform and infrastructure project UXLINK announced it will list on eight exchanges—including Bitget, OKX, Bybit, Gate, and KuCoin—at 4:00 PM Singapore time on July 18. According to official UXLINK data, the project has over 15 million registered users, covers 110,000 Telegram groups, and has 8 million on-chain users. The project is already profitable and reinvests earnings into its community and ecosystem.
2) Twitter
ETH:
Three sources report that the U.S. SEC has granted preliminary approval to at least three of eight asset management firms to launch ETH ETFs. Final approval hinges on whether applicants can submit their final offering documents to regulators by the end of this week. Positive sentiment has driven clear gains in ETH and ETH-based tokens.
3) Google Search & Regional Trends
Global perspective:
JD Vance:
Recent video footage shows Republican vice-presidential candidate JD Vance sharply criticizing SEC Chair Gary Gensler’s crypto regulation policies, calling his approach “the opposite of ideal.” Markets anticipate that a Vance administration could usher in more crypto-friendly regulations.
Regional search trends:
(1) In Asia, no clear commonality emerged among regional trending searches. However, users in the Philippines have started showing particular interest in large-cap U.S. stocks such as Tesla and Nvidia.
(2) In Europe and North America, JD Vance appeared prominently in multiple countries’ trending searches. As a Republican VP nominee, media reports indicate he owns BTC and has criticized SEC Chair Gary Gensler’s stance on crypto regulation.
IV. Potential Airdrop Opportunities
Sonic (Zero-Cost Testnet Interaction)
Sonic is a gaming chain built on Solana, introducing the first scalability architecture HyperGrid, enabling game developers to efficiently manage game states, logic, and events. Fully compatible with all EVM smart contracts and equipped with a native game engine, Sonic provides comprehensive on-chain game development components for developers.
On June 18, 2024, Sonic raised $12 million in a Series A round at a $100 million valuation, led by Bitkraft Ventures, with participation from Galaxy Interactive and Big Brain Holdings.
How to participate: (1) Enable developer mode in Backpack wallet settings and add the Sonic Devnet testnet; (2) Visit https://faucet.sonic.game/ to claim SOL test tokens; (3) Access the Sonic Odyssey mission page and complete steps including social media account binding, daily check-ins, and gameplay interactions.
Solayer
Solayer is building a restaking network on Solana. It leverages economic security and high-performance execution to serve as decentralized cloud infrastructure, enabling app developers to achieve higher levels of consensus and customizable blockspace.
In July 2024, Solayer announced the completion of a builder-focused funding round, with undisclosed amounts. Investors include Anatoly Yakovenko (co-founder of Solana Labs), Rooter (founder of Solend), and Richard Wu (co-founder of Tensor).
How to participate: Stake SOL or supported SOL LSTs (jitoSOL, mSOL, bSOL, INF) to earn points per episode. Note: Unstaking before maturity reduces rewards.
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